Introduction to Reverse Mortgages

Many homeowners have found that a reverse mortgage is a great way for them to take advantage of the equity they have built up in their homes.

A reverse mortgage is different than a traditional mortgage. With a traditional mortgage you make monthly mortgage payments, but with a reverse mortgage the lender pays you money through monthly installments, a one-time lump sum payment, a line of credit or a combination of a line of credit and monthly installments. The money that you receive is dependent on your age, the value of your home and the current interest rate.

One of the great advantages of a reverse mortgage is that you are not required to pay the loan back until the home is no longer your primary residence. For more information on when a reverse mortgage comes due click here. Another great feature of a reverse mortgage is you can never owe more than the value of your home. No matter what.

If you’re aged 62 or older and own your home you might be eligible for a reverse mortgage. Contact us to find out more about reverse mortgages and ways to make it work for you, or apply now and start the process of tapping the equity in your home.

Check out these pages for more information about reverse mortgages.

Please note: These materials are not from HUD or FHA and were not approved by HUD or a government agency.

Mortgage Network Solutions

2036 Foulk Rd, Suite 102
Wilmington, Delaware 19810
Phone: 302-478-7500
Fax: 302-478-7004

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Mortgage Network Solutions NMLS# 58096 (http://www.nmlsconsumeraccess.org/)

 

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Licensed States: DC #MLB58096, DE #7552, FL #MLD432, GA #22859, LA #2407, MD #11919, NJ #9958028, NC #L-153858, VA #MC-3401


Licensed by the PA Dept. of Banking #20838, Licensed by the N.J. Department of Banking and Insurance #9958028.

Reverse Mortgage Disclosures: Mortgage Network Solutions, LLC will not make any mortgage loan commitments or fund any mortgage loans under the advertised program. Borrower is required to make payments for real estate taxes and property insurance.